Financial - Page 6

Scientists funded by the Air Force Office of Scientific Research have used a single photon technique to observe the evolution of individual electron spins in semiconductor nanostructures.

Dr. David Awschalom, professor of physics at the University of California, Santa Barbara, is coordinating the research. He and his team are exploring the benefits of electronic devices using spintronics to power quantum computers made of diamond.

"This technology may allow the Air Force to reduce electronic power consumption by creating low-power electronic devices capable of massive improvements in processing speeds, and increasing storage densities by orders of magnitude" Doctor Awschalom said.

Researchers have found that diamond is an electrical insulator, but when combined with other elements, it can become a semiconductor with formidable properties for computers and solid-state, microwave electronics. Scientists' newfound ability to grow a nanometer-to-micron sized synthetic diamond is enhancing the field of semiconductor spintronics and quantum information processing.

For the first nine months of fiscal 2008, product sales increased 25% to $12.83 million from $10.23 million for the first nine months of fiscal 2007. Total revenue increased 22% to $14.48 million for the first nine months of fiscal 2008 from $11.90 million for the prior-year period. Net income for the nine months of fiscal 2008 was $4.93 million, or $1.04 per diluted share compared to $3.23 million, or $0.67 per diluted share, for the first nine months of fiscal 2007.

Product sales for the fourth quarter of fiscal 2007 increased 50% over the prior-year quarter to $4.19 million from $2.80 million. Total revenue, consisting of product sales and contract research and development revenue, increased 31% to $4.57 million for the fourth quarter of fiscal 2007 from $3.48 million in the prior-year quarter. Net income for the fourth quarter of fiscal 2007 increased 151% to $1.55 million, or $0.33 per diluted share, compared to $619,744, or $0.13 per share, for the prior-year quarter.

The University of Delaware has been awarded $1.9 million from the U.S. Department of Energy (DOE) to establish the new Center for Spintronics and Biodetection.

UD's research grant is part of $7.5 million grant awarded to universities in four states--Delaware, Kentucky, Maine, and New Hampshire--by DOE's Experimental Program to Stimulate Competitive Research (EPSCoR), which supports scientific research in states that historically have received less federal funding for such studies. Academic institutions in 26 states and territories were eligible for the grants.

The ultimate goal of the center is to develop a biosensor, patterned much like a DNA chip, which can detect the tiny magnetic field generated by a single nano-sized particle that can be used to label various biomolecules.

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Product sales for the quarter increased 71% over the prior-year quarter to $3.05 million from $1.78 million. Total revenue, which consisted of product sales and contract research and development revenue, increased 20% to $3.64 million for the first quarter of fiscal 2007 from $3.03 million for the prior-year quarter. Net income for the quarter was $891,806 or $0.19 per diluted share, compared to $412,649 or $0.09 per diluted share for the prior-year quarter.

Net income for the quarter ended June 30, 2006 included the effect of $2,569 in non-cash stock-based compensation due to the implementation of SFAS 123(R). Net income for the first quarter of fiscal 2007 also included a $473,241 non-cash provision for income taxes compared to $240,468 for the prior-year quarter.